MILAN (Reuters) -Mediobanca shareholders representing around 77%-78% of the Italian bank's share capital are expected to attend a meeting on Thursday to decide on a Banca Generali deal, a source close
Mediobanca Shareholders Set to Vote on Banca Generali Acquisition
Mediobanca's Strategic Move
MILAN (Reuters) -Mediobanca shareholders representing around 77%-78% of the Italian bank's share capital are expected to attend a meeting on Thursday to decide on a Banca Generali deal, a source close to the merchant bank said on Wednesday.
Details of the Acquisition
A close shareholder vote is expected on Mediobanca CEO Alberto Nagel's proposed 6.8 billion euro ($7.9 billion) acquisition of Banca Generali to create Italy's second-largest wealth manager.
Implications for Italian Banking
For the CEO's proposal to pass, at least 50% of the capital attendance at the meeting is needed.
Shareholder Vote Requirements
Merchant bank Mediobanca made the move for Banca Generali as it seeks to thwart a takeover bid from state-backed Monte dei Paschi di Siena in a consolidation wave sweeping Italian banking.
(Reporting by Andrea Mandala, writing by Sara Rossi, editing by Elaine Hardcastle)
